OCBC is using agentic AI to cut private banking account opening times to 15 business days.
Its HELIOS platform collects, verifies and assesses customer information before a relationship manager engages a prospective client, allowing much of the KYC due diligence process to be completed earlier.
The system flags missing information and reduces repeated exchanges between clients, relationship managers and compliance teams.
Loretta Yuen, OCBC’s Head of Group Legal and Compliance, said,
“We need to identify potential concerns earlier and assess financial crime risks more holistically.
By combining agentic AI with the expertise of our compliance professionals, HELIOS enables us to screen prospective customers more thoroughly and earlier in the customer journey, while uncovering connections that may not be obvious.”
Bank of Singapore, OCBC’s private banking arm, has begun using HELIOS across Singapore, Hong Kong and Dubai, with the rollout due to be completed by the third quarter of 2026.
The 15-day timeline compares with an industry median of about six weeks and assumes customers submit the required documents without delays.
The rollout comes as the Monetary Authority of Singapore works with the Private Banking Industry Group to reduce account opening times to within one month by the end of 2026.
OCBC will extend the platform to its Premier Private Client segment by year-end.
Its compliance team will also use HELIOS to identify prospective clients and refer high-quality leads to relationship managers.
Relationship managers and internal review teams will retain responsibility for reviews, judgments and final decisions.
OCBC also plans to use HELIOS for ongoing customer monitoring and to identify changes in risk profiles.
The bank expects to spend more than S$1 billion a year on technology over the next three years.
Featured image: Loretta Yuen, OCBC’s Head of Group Legal and Compliance and Jason Moo, CEO of Bank of Singapore